Reliance Power Board approves raising US$ 500 million through FCCBs

The Board of Directors of Reliance Power Limited (Reliance Power) at its meeting held today has approved raising of funds upto US$ 500 million (~INR 4198 cr) to affiliates of Värde Investment Partners, LP, a leading global alternative investment firm.

The FCCBs will be unsecured and will have ultra-low interest of 5% p.a. with a long tenure of 10 years. The FCCBs will be convertible into Equity Shares at INR 51 per share.

The Board of Directors also approved an Employees Stock Option Scheme (ESOS) for all employees of the Company and its subsidiaries. ESOS provides for grant of upto 22,00,00,000 fully paid-up equity shares of INR 10 each, of value of over INR ~ 1180 crore, representing approximately 5% of the Company's fully diluted capital. The ESOS will unlock the employee earning potential, in alignment to the Company's performance and growth. The ESOS shall be in accordance with the applicable SEBI Regulations and subject to the approval of the members of the Company.

The above shall be subject to all requisite permissions, sanctions and approvals as may be necessary.

Shares of Reliance Power Limited was last trading in BSE at Rs. 53.65 as compared to the previous close of Rs. 51.10. The total number of shares traded during the day was 17336290 in over 49037 trades.

The stock hit an intraday high of Rs. 53.65 and intraday low of 51.55. The net turnover during the day was Rs. 923360941.00.

Source : Equity Bulls

Keywords

ReliancePower INE614G01033 RPOWER ElectricUtilities FundRaising FCCBs